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ProAg reports that 2024 may still deliver the third-highest milk price on record despite weak global dairy trade and softer US consumer demand. New cheese plant capacity could lower Class III prices, while Class IV prices are supported by near-record butter retail prices.
Futures suggest the split will persist into 2025, favoring lower milk prices in high cheese regions such as the Upper Midwest.
Expected pressure on Class III milk prices in cheese-heavy regions points to softer milk values through 2025. That weighs on dairy-linked feed demand in those areas.
proag.comApr 26, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
